The Real Estate Market Alive and Well in Las Cruces.
I know what the National newspaper headlines are saying but, the Las Cruces real estate market is doing quite well.
Remember the national housing market is similar to the stock market they have their cycles . What is happening nationally is a course correction, people are still buying houses, mortgage rates are excellent – in the low to mid sixes – and people are still moving to Las Cruces NM.
Las Cruces is still attractive. The local market is somewhat immune to national shifts because people are still just discovering this area.
Las Cruces has been earning national recognition as one of the best places to retire and start a small business, among other attributes. Add a relatively low cost of living and one can understand why this nugget in the Land of Enchantment has become more attractive. Over the past three to four years, folks wanting to relocate here increased the demand for homes. The supply could not keep up with demand and prices edged up. The great weather, New Mexico State University becoming part of the Western Athletic Conference, the spaceport and the jobs it will create, the growth in the military, more retirees – all these factors will continue to contribute to the growth in this area.
Now inventory is high and prices have dropped…..buyers market! Now is the best time to buy a house in Las Cruces NM.
Of course, the recent downturn in the sub-prime mortgage industry didn’t help the housing national market. The sub-prime loans were primarily made to borrowers who could not qualify for any traditional loans. Lawrence Yun, senior economist for the National Association of Realtors reported the decline is understandable. “Mortgage problems were peaking back in August when many of the September closings were being negotiated, and that slowed sales notably in higher priced areas that rely more on jumbo loans,” he said. Yun added the good news is that mortgage availability has markedly improved in recent weeks with interest rates on jumbo loans falling, and more people are applying for safer and conforming FHA mortgage products. Some of the cancelled transactions will move forward as buyers apply for other loans.
Happy house hunting!
